Download file to see previous pages...
The idea of states with a standing army and bureaucratic process began to take root, and this changed the world’s perspective of Europe. This paper will elaborate on the development of Europe economy in 1500 AD and illustrate how this period saw the advancement of technology by great inventions such as gunpowder, relatively advanced ships, improved navigation techniques, and the printing press would be the premise of change in Europe. Changes in Social Structure The chaos of the late middle Ages did not equally affect the inhabitants of Europe. Advancement in military technology and better pikemen in the battlefield challenged the dominance of the knights in battle; the title of being a noble began to reduce in value and stature. The Economic challenges of the Middle Ages saw an increased in labor shortages and this translated to higher prices of commodities (Acemoglu, Johnson and Robinson 57). The wealth belonging to the people In nobility was cut into by the high inflation of that time, and this was due to the static value of land which was the base of their wealth. A large number of peasants in Europe had attained the capacity to purchase their freedom from their lords; they began to pay a fixed amount of rent instead of paying them with labor. Due to the high inflation, the rent paid by the tenants was insufficient to satisfy their needs and therefore the value of nobility declined. Not all nobles were affected by inflation; some nobles sought employment from the king and were taken on to join the army or work as courtiers. A good number of people lost their nobility status from having involving themselves with agriculture and commerce like the middle class. Despite the loss in value, nobles were still held in high standing in society; for that reason, the now wealthy middle class began buying nobility titles from the king, surrendering their business oriented lives, settling in landed in landed estates. The provision of buying nobility titles enabled the noble class to be replenished despite its rapidly dwindling numbers. Western Europe did not have any peasants by 1500, most of the former peasants owned their own land by that time. In addition to that, the middle class was getting higher due to their increasing wealth and the positions held in the Kingdom. Recovery of the Economy Europe’s economic rebirth happened on the foundation of agriculture. The aftermath of the conflicts in the middle ages weakened the nobles and the church that had great influence on economic activities. The reduced influence of the church and nobles led to the emergence of well-structured monarchies in Western Europe that safeguarded peace encouraging the growth of commerce and trade. Peasant s that had not lost their lives in the Black Death inherited land belonging to the deceased and were able to improve their standards of living. Agricultural production standards rapidly rose due to the fact the former peasants worked on their own land and this motivated them to work harder than they did before. The improved standards of living and food security fueled an increase in population; it is estimated that the population rose to 70 million from 50 million fifty years earlier (Janssen 89). The economic recovery had a great trickle-down effect that cumulated to the creation of capitalist economic system. The effects were: 1. The rapid population growth had the implication that
...Download file to see next pagesRead More
The level of economic development is usually observed in different areas or segments that include business productivity and employment among others. In this similar concern, it is mainly considered to improve human welfare activities and most significantly to minimize the significant problem of poverty.
Budgetary growth can basically be demarcated as an increment in living conditions and change of the resident’s self regard, therefore resulting to a simple and unlimited public order. Economic development is a general outlook that involves the development of the human capital, an increase in the literacy ratio, improved health standards conditions and infrastructural development that results to an improvement in the general welfare of a particular society.
The main focus of the organization is on the macroeconomic policies of the country and also helps in correcting discrepancies in the balance of payment of the country. The support provided by IMF through the issue of Special Drawing Rights to the member nations have helped in achieving economic development of countries through the maintenance of stability in the economy.
It would take another war to annex Venice, and the end of the First World War for Italy to take into its fold the Trieste and Trento territories. The literature notes further, that while political integration was a sure thing, market forces and the varying economic fundamentals of the different Italian regions meant that actual economic integration took longer to accomplish, and the diffusion of economic growth among regions in Italy, and in other parts of the Europe, likewise took a long time to happen (Missiaia1-3).
In contemporary era, the world is divided into western civilization and western civilization but earlier there were a number of civilizations that rose, ruled and collapsed. These civilizations included the Roman Empire, the Ottoman Empire, Maya Civilization, Anglo Saxons and Byzantine Empire etc.
It’s because of this growth that it is often argued that the development of the world at large started with the development of Western Europe during the era between 1500 to 1800. This growth and development has been attributed to many
The military and political action to which the American colonists have resorted while overthrowing British control will eventually lead to the creation of an independent new nation in 1776 and this nation was called the “United States of America.”
Almost all revolutions in
an planning is a diverse activity in scope that primarily deals with designing urban environments through control and monitoring of land use in urban areas (Levy 243). Social, economic and political factors are integral to urban planning. An effective economic development-urban
Economic growth results from the increased production and consumption of a country’s goods and services. Should these goods and services be of the right kind, they benefit the people and thus improve their quality of life and economy. However, economic growth does not necessarily lead to economic development
It has been able to experience a Gross Domestic Product (GDP) of around 10 percent every year and this has enabled many people in the economy to shift from their poverty levels. It has an estimated population of 1.3 billion people and its
10 Pages(2500 words)Research Paper
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Research Paper on topic How effective was development of the Europe economic in 1500 CE for FREE!